Rate Cut - Is it Time for a Low Refinance Mortgage Loan
Interest rates are the lowest they have been in 5 years and are expected to drop more over the next couple of weeks.
The Federal Reserve has dropped interest rates again, the fifth straight cut since September 2007. In its statement last week, the Federal Reserve said it had decided to cut the federal funds rate" in view of a weakening of the economic outlook and increasing downside risks to growth." In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly.
The timing is right to refinance your mortgage loan. Low refinance rates may help you significantly lower your monthly payment. Or you might want to “cash out refinance” some of the built-up equity in your home, which you can use to consolidate debt, improve your home. By refinancing you can even pay off your mortgage sooner! If you have an Adjustable Rate Mortgage (ARM) now, refinancing with a fixed-rate loan can give you more monthly payment stability.
Give your mortgage Loan an annual Review
If it's been 12 months or longer since you last reviewed your mortgage and the last time you looked at your mortgage loan was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities. It is time for you to take a hard look at what your monthly payment is, and see if you can save money each month by refinancing your home loan. Use this time to pay off debt, eliminate PMI (private mortgage insurance), reduce your term and save thousands in interest.
Mortgage Refinancing Online
Online lenders can offer you a free mortgage quote and low refinance rates when you apply. If you would like to take advantage of today's low interest rates, apply to refinance your mortgage loan, today. A poor credit history will not prevent you from qualifying for a mortgage refinance loan from an online lender. If you want a low interest, low payment mortgage refinance, no matter what your credit history, you can refinance your mortgage online and potentially save thousands of dollars in interest on your loan.
Federal rate cuts do not mean mortgage rate cuts. In fact, following both the first Fed rate cut last September and last week’s surprise cut, interest rates increased significantly in the two days following the announcements. Right after the Fed announcement, rates were basically unchanged however they are now starting to increase. With interest rates being at a historical low level, customers expect great rates and low payments from the top FHA lenders, VA lenders and more.
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